North America Seaweed Derivatives Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Source; Form; End Use; and Country

The North America seaweed derivatives market was valued at US$ 328.01 Mn in 2018 and is projected to reach US$ 593.39 Mn by 2027; it is expected to grow at a CAGR of 6.8% from 2019 to 2027.Seaweeds are red, brown, and green marine microalgae, and their extracts are used in the horticultural crops to leverage their plant growth- promoting effects. The major derivatives of seaweeds include alginates, carrageenans, and agars, while their chemical derivatives include fatty acids and vitamins, mineral nutrients, phytoharmones, and complex polysaccharides, among others. Alginates are largely extracted from brown seaweeds, while carrageenans and agars are largely extracted from red seaweeds. Alginates, carrageenans, and agars are increasingly being used in food and beverages, animal feed, and agriculture industries, among others. The market in North America is majorly driven by the wider application of seaweed derivatives in the food &beverages industry. It is increasingly being used in fertilizers to improve crop yield and increase crop strength, along with helping it in gaining pest resistance. Rising consumer awareness regarding health benefits of seaweed derivatives is majorly boosting the North America market. Moreover, the surging demand for organic food products fuels the growth of North America seaweed derivatives market. However, the lack of awareness among the farmers regarding the extraction of seaweed is hampering the market growth.

Based on end use, the North America seaweed derivatives market is segmented into food and beverages, agricultural products, animal feed additives, pharmaceuticals, and others. The food and beverages segment accounted for the largest share of the market in 2018; however, the animal feed additives segment is expected to register the highest CAGR during the forecast period. Agar is a seaweed derivative that is used as a gelling agent and stabilizer in water gels, bakery products, confectionery, dairy products, canned meat and fish products, soups and sauces, and beverages. It can also be used as a thickening agent, coagulator, emulsifier, and stabilizer in the production of confectionaries such as gums, caramels, and marshmallows. Agar is used in dairy and dairy products such as ice-creams, mousses, yogurts, chocolate milk, custard tarts, and custards. It is used as a cost-effective stabilizer in applications wherein water retention is utmost important. Agar can also be mixed with other colloids to improve the final texture of the product.

The North America seaweed derivatives market is segmented into the US, Canada, and Mexico. The US holds the largest share of the market, followed by Canada. The US market is majorly driven by the wider application of seaweed derivatives in food and beverage industry. Rising consumer awareness regarding health benefits of seaweed derivatives, as well as increasing demand for organic foods due to high spending capacities, is majorly boosting the seaweed market in the US.

In December 2019, an outbreak of COVID-19 began in Wuhan (China), and since then it has spread across the globe at a fast pace. US, India, Spain, Russia, China, Italy, France and Germany, are among the worst affected countries in terms of positive cases and reported deaths as of March 2020. According to the latest WHO figures updated on May 25, 2020, there are ~ 5 307 298 confirmed cases and 342 070 total deaths globally. The COVID-19 has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. China is known as a global hub of manufacturing and the largest raw material supplier for various industries. The overall market breakdown due to COVID-19 is also affecting the growth of the personal care wipes market due to shutting down of factories, obstacle in supply chain, and downturn in world economy.

W Hydrocolloids, Inc.; KIMICA Corporation; DuPont de Nemours, Inc.; Gelymar S.A.; CP Kelco; ALGAIA; Compañía Española de Algas Marinas, S.A.; Cargill, Incorporated; and AGARMEX, S.A. DE C.V., are among the major players functional in the North America seaweed derivatives market.The North America seaweed derivatives market size has been derived in accordance with to both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the seaweed derivatives market.

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